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Board Letter to GEPF Members and Pensioners About the PIC Inquiry
31 January 2019

Dear Members / Pensioners

As many of you are aware, the Public Investment Corporation Inquiry established by President Mr Cyril Ramaphosa, to probe allegations of impropriety at the Public Investment Corporation (PIC) has begun.

The Government Employees Pension Fund (GEPF) supports the establishment of the inquiry as we believe it will result in a stronger and more effective Public Investment Corporation. In this regard, the GEPF has written to the PIC Inquiry indicating its willingness to cooperate fully with the inquiry.

We have also noted with concern the recent suspensions of senior PIC employees as well as the instituting of a forensic investigation by the Board of the PIC into allegations of impropriety against certain directors of the Board. The GEPF views such matters in a very serious light and as such, we have written to the PIC raising our concerns with respect to these matters, including the alleged governance failures at the PIC.

It is understandable that the revelations at the inquiry and the alleged governance failures are as much a concern to you, our members and pensioners, as it is to us at the GEPF.

I would like to assure you that the GEPF is in a very sound financial situation and that such issues will not have an impact on your pensions and benefits. Despite the indications of apparent failures and or circumvention of processes with regard to a number of investments, the overall performance of the PIC as an asset manager remains positive and in line with agreed criteria. Nonetheless, the GEPF continues to heighten its monitoring and oversight. The board and management of the GEPF takes its fiduciary duties very seriously and is committed to ensuring that our fund continues to grow.

Yours sincerely, Abel Sithole Principal Executive Officer GEPF
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